South Korea's consumer sentiment increased for the sixth consecutive month in June, as exports showed signs of a strong recovery amid progress in COVID-19 vaccinations, central bank data showed Thursday. The composite consumer sentiment index (CCSI) came in at 110.3 for June, up 5.1 points from the previous month, according to the data from the Bank of Korea (BOK). A reading above 100 means optimists outnumber pessimists. The latest reading marks the sixth on-month gain following a drop in

Economy June 24, 2021

South Korea's top economic policymaker said Thursday the government plans to provide support to smaller firms, including assignments of foreign workers, as it seeks to make a soft landing for such companies implementing the 52-hour workweek. Starting July 1, the country will expand the shortened workweek scheme to companies with five to 49 workers without a grace period. Since July 2018, the country has enforced the 52-hour workweek system in a phase-in manner. The shorter workweek was devised

Economy June 24, 2021

South Korea's benchmark stock index hit a new intraday high Thursday on hopes of a quick economic rebound. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.73 points, or 0.33 percent, to 3,274.61 points in the first 15 minutes of trading. Tech gains led the KOSPI's advance despite lingering market concerns about how soon the US Federal Reserve would start tapering its accommodative policies. Overnight, the Dow Jones Industrial Average lost 0.21 percent as investors digest th

Market June 24, 2021

North Korea is not considering contact with the United States, Foreign Minister Ri Son-gwon said Wednesday. "We are not considering even the possibility of any contact with the US, let alone having it, which would get us nowhere, only taking up precious time," Ri said in a statement released by the North's state-run Korean Central News Agency. DPRK stands for the North's official name, the Democratic People's Republic of Korea. (Yonhap)

North Korea June 23, 2021

Police closed an assault case involving the wife of the Belgian ambassador to Seoul on Wednesday, without charging her due to diplomatic immunity and the victims' request of non-punishment Xiang Xueqiu, the spouse of Ambassador Peter Lescouhier, has been questioned by police over allegations that she slapped a clothing store employee in the face and another staff in the back of her head in early April. Yongsan Police Station said it decided not to charge the suspect, citing the wife's diplom

Social Affairs June 23, 2021

South Korea on Wednesday handed in its official application to host its first World Expo in the southeastern port city of Busan in 2030, which will cover a wide array of themes ranging from climate change to technology. Trade Minister Yoo Myung-hee visited Paris to submit the candidature letter to the Bureau International des Expositions (BIE), which oversees the event, according to the Ministry of Trade, Industry and Energy. The BIE plans to receive applications through October, with the fina

Culture June 23, 2021

The new US special representative for North Korea, Sung Kim, wrapped up his five-day trip to Seoul on Wednesday after redoubling Washington's calls for dialogue with a recalcitrant Pyongyang. Before departing for Jakarta, Kim said that he had "terrific" discussions with top Seoul officials, including President Moon Jae-in. Kim concurrently serves as ambassador to Indonesia. His first trip here since his appointment last month centered on reiterating the US' offer to meet with the Nor

Foreign Affairs June 23, 2021

South Korean stocks advanced for the second consecutive day Wednesday as investor concerns of fast tapering was partially eased by the US Federal Reserve's comments that support its accommodative policy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 12.31 points, or 0.38 percent, to close at 3,276.19 points. Trading volume was moderate at about 1 billion shares worth some 17.4 trillion won ($15.3 billion), with losers outnumbering gaine

Market June 23, 2021

GWANGJU -- A Chinese diplomat stationed in Gwangju, southwestern South Korea, was caught driving under the influence of alcohol this week but has claimed diplomatic immunity, police said Wednesday. The diplomat, known as a consul at the Chinese Consulate General in Gwangju, 330 kilometers south of Seoul, was caught operating his car while drunk in an underground parking lot of an apartment in the city's western district of Poongam-dong on Sunday night. According to the Gwangju Seobu Police Stati

Foreign Affairs June 23, 2021

South Korea's manufacturing confidence fell for the third straight month in June amid the prolonged coronavirus pandemic, a poll showed Wednesday. The Korea Institute for Industrial Economics & Trade (KIET) said its professional survey index (PSI) for the manufacturing sector's business conditions came to 123 for this month, down from 127 the previous month. Yet the country's PSI remained above the benchmark 100 for 13 months running since June last year. A PSI reading above 100 means opt

Economy June 23, 2021

The number of South Koreans who moved to different residences in the country fell for the fifth straight month in May as housing transactions shrank, data showed Wednesday. The number of people who changed their residences fell 2.2 percent on-year to 557,000 last month, according to the data compiled by Statistics Korea. It marked the fifth consecutive month of decline after population mobility rose for the seventh month in December 2020 amid skyrocketing home prices. The decline was mainly a

Economy June 23, 2021

The number of babies born in South Korea declined to a fresh record low in April, data showed Wednesday, underpinning the country's gloomy demographic situation with the chronically low birth rate. A total of 22,820 babies were born in April, down 2.2 percent from the previous year, according to the data compiled by Statistics Korea. It marked the lowest for any April since 1981, when the statistics agency began compiling related data. South Korea is struggling with a sustained fall in childb

Social Affairs June 23, 2021

In a sign of growing demand for artworks, a major auction house based in Seoul saw sales from a recent bidding reach a fresh high since the 2008 global financial crisis. Seoul Auction sold artworks worth 24.3 billion won ($21.4 million) in the latest bidding held Tuesday, with 87 percent of the artworks finding new owners during the event, it said Wednesday. The amount is the highest since the 2008 financial crisis and is also higher than the 23 billion won in sales the auction house had estim

Arts & Design June 23, 2021

Gwanghwamun Square, a landmark of Seoul, will get new historical and cultural attractions by next April, the Seoul metropolitan government said Wednesday. Construction has been under way to expand the square and turn part of it into a park as part of a controversial project launched by the administration of former Seoul Mayor Park Won-soon. The announcement of the new attractions comes two months after new Mayor Oh Se-hoon said he would keep the project despite opposition from some citizens du

Politics June 23, 2021

Thanks to the growing global presence of South Korean content through online streaming platforms, the world's entertainment industry is wooing Korean professionals who are behind big-name films and TV series. Not only screenwriters and directors who have come into the spotlight for their global hits like Netflix originals "Sweet Home" (2020) and "Space Sweepers" (2021) but also experts in post-production jobs like poster designing, color grading and visual effects are also i

Television June 23, 2021